GKP - Everyone's favourite

Hi all,

everyone loves GKP don't they?

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Well, the chart on balance looks weak IMO. We are below all main moving averages and have a bearish cross in progress as MA20 disects the MA50. We are also about to backtest a trendline break (circled). 204 is building strength as resistance, a crucial area in terms of fibs. First minor trendline support (red) at 193, then 182 and 169 before we hit the long term (magenta) trendline from 2009 at ~158.

On the plus side there is a descending wedge (red) which is more bullish than bearish and a positive RSI breakout, though if this is to backtest it will do so at a lower level.

This being GKP and bearing in mind the court case and general markets about to roll over, we are sure to hit the long term magenta trendline in the near future aren't we? Well, that is where my money sits waiting patiently.

F4T

like many, those who are "out" are hoping for lower entry..maybe "range fitting" but 27p appears to appear more than chance would indicate?....For some reason 167 area sticks in my head as I'm sure that was a number of improtance long ago...anyway best of luck if your in and for those wanting to be in...just for fun view

TS - the 140p and 165p where areas well used along with 187p- i have a small order at 188p at the moment as the sp will be played between 208 and 192 so chose 188 to catch a tip through on intraday.

pj

ps. ( is that you )

easy tiger!...you never know who you are really dealing with online? (but it could be)....as we say what goes on in CV stays in CV!

You can modify only one person's karma every six hours.

So will it be up or down?

Well, we are currently settled on the down trendline after a bounce from 188. Positive diverdence on MACD so might see a more solid bounce in coming days.

Short term target 206 (18/10 high) supported by upper trendline by 1/11, 217 then 230 gap.

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F4T